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I am filing my 2009 taxes and have received a 1099a from the mortgage co, however I had Private Mortgage Insurance on the loan and had to default. How do I file this? They never let me know what amount was settled on with the insurance company and what the difference was that I should be reporting from the 1099a. What do I do?
ANSWER
Expert Mark Anderson's Answer:
The amount may be taxable as income as the debt was forgiven by the lender. However there may be exception if the debt was on your personal residence. Here is a link with some more information:
http://www.irs.gov/taxtopics/tc160.html
I hope this answers your question.
